 "IndusInd Bank board okays re-appointment of Kathpalia as MD & CEO for 3 yrs")
The board of directors of private sector lender IndusInd Bank has approved the re-appointment of Sumant Kathpalia as the managing director and chief executive officer (MD&CEO) of the bank for a period of three years, the bank said in an exchange filing on Friday. The re-appointment will be effective March 24, 2025 upto March 23, 2028.
The re-appointment of Kathpalia is, however, subject to Reserve Bank of India’s (RBI) approval and shareholders approval. The bank said that it will make an application to the RBI in this regard in due course.
Kathpalia has been the MD&CEO of the company since March 24, 2020. Previoulsy, the RBI approved a two-year extension to Kathpalia in March 2023 while the bank's board had approved his re-appointment for three years.
Throughout his stint as the MD&CEO of the bank, Kathpalia has put a thrust on strengthening balance sheet, fortifying liability franchise with retailization of deposits, diversifying and building new domain expertise areas, maintaining healthy capital adequacy, ensuring business growth and profitability, enhancing investor confidence, among other things, the bank said in the exchange filing.
Kathpalia is a seasoned banker, with over 3 and a half decades of experience, and has previously worked in large multi-national banks such as Citibank, Bank of America and ABN AMRO prior to joining Induslnd Bank.